What is Covered Under Stored Property Insurance?

Self Storage

Ryan Moore
December 13th, 2021

Stored property insurance is the insurance coverage for loss or damage to personal items that are valued at under 10,000 dollars. When you rent a storage unit, you’ll be given a contract that provides a master policy of insurance for the use of the unit. Stored property insurance covers a self-storage unit that’s located within a storage facility as well as the transport of items to the location during the time period of your contract. In this article, we’ll go through what is and is not covered under stored property insurance, as well as what you should get increased coverage on.

Personal Property That Is Covered By Homeowners Insurance Policies
If you’re a homeowner who is using a unit to store items while you move, downsize, or renovate, most of your typical items are covered. Stored property insurance is covered within your homeowner's insurance, regardless of where those items are located. The easiest way to ensure that all your property is covered is to increase your coverage limits in your homeowner's insurance policy. If your insurance coverage covers less when items are being stored outside of the home, you may consider increasing your personal property coverage. This can be done by tweaking your homeowner's insurance policy. However, this can increase your insurance rates when using a storage facility.

Furniture, clothing, artwork, jewelry, kitchen and home appliances, and entertainment systems such as sound systems, televisions, and gaming consoles are covered under your policy. Also, items like bikes, skateboards, carpets, rugs, and equipment for lawn and gardening upkeep are covered. It’s important to note that some policies do not cover computers and technological equipment, so check your policy to know for sure. Also, if you have items that are valued at over 10,000 dollars you’ll need extra coverage to secure them against damage or theft.

What Items Are Insurance Against
Mostly, storage units ensure stored items against weather like fire, smoke, wind, hurricanes, tornados, hail, water damage, and lighting. They do not protect against flooding, mold, earthquakes, vermin, and oddly, war. It’s important to note what your specific policy states because water damage and flooding often go hand in hand and they can be easily overlooked in the contract.

What To Get Increased Property Insurance For
Although your stored property insurance covers jewelry, furniture, and artwork it only covers a certain amount of money. Depending on the value of the items stored, you may want to schedule a personal property evaluation to increase your limit or get added protection for those items.

Self-Storage Insurance
If you’re looking to have complete peace of mind, you may look into additional self-storage insurance, and finding the right facility is key. A reputable storage facility will offer insurance within your rental contract or for a small additional few. Depending on what you plan on storing in your unit, this may be helpful to ensure that the property is fully covered.

Most items that people want to keep in self-storage facilities are covered, so generally, we can rest assured that we’re covered. But if you’re looking to store high valued items you also have the option to seek additional coverage. Visit www.miministorage.com for all your self-storage needs in Newton, NC.

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